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Accident

An incident, explosion, catastrophe, motor vehicle accident resulting in the death, injury, casualty or damage of the insured object.

Acquisition

Job function of an insurance agent or an insurance broker to attract to the insurance portfolio new insurance contracts with retail clients or legal entities.

Actuarial calculations

An aggregate of economic and mathematical methods of calculating tariff grids.

Actuary

An expert in actuarial calculations.

Addendum

A written supplement to an executed insurance or reinsurance contract which contains changes to the earlier approved terms and conditions of the contracts, such changes subject to the reconciliation by the parties.

Agency Agreement

An agreement entered with a physical person or a legal entity (‘The Agent’), pursuant to which the agent undertakes to perform certain functions (instructions) on behalf or in favor of the principal and arising out of such agreement.

Agency Fee

The compensation for the agency services in execution of certain functions (instructions) in favor or on behalf of the principal in line with the agency agreement entered by and between them.

Agent

An authorized physical person or a legal entity in charge to perform the instructions of or act otherwise on behalf of another person or entity (‘The Principal’) The agent usually acts on the basis of a proxy or power of attorney issued by the principal or on the ground of an agency agreement entered by and between the principal and the agent. The agency services are frequently used by insurance companies.

Alternative and Extra Equipment

Such equipment or devices which are either not stipulated by the manufacturer for the configuration of the motor vehicle or recognized by and between the Parties as such upon visual examination, and audio and/or video playback equipment. Such alternative or extra equipment is not subject to individual insurance coverage as opposed to the general coverage of the vehicle on which it is installed.

An insurance indemnity in VHI

An insurer’s major commitment under a contract of insurance is to make a payment of an insurance indemnity per occurrence. As soon as an insured person has addressed a medical facility for medical assistance or service, the facility issues an invoice for the services. The payment for the services is the insurance indemnity in VHI.

Besides, an insurance indemnity is sometimes the repayment of out of pocket expenses incurred by the insured person to pay for the medication covered by the VHI.

Antimonopoly Control

A combination of legal, administrative and economic initiatives undertaken by the state (insurance authority) for the purpose of limiting the opportunities of insurers to monopolize the insurance market.

Assign (assignee)

An insurer underwriting the assigned risks.

Assignation of a risk

See Cession

Assignor

An insurer who assigns an insured risk to a reinsurer.